Nothing new and probably not true but this is what I think: The toolbar pagerank is the same that google has assuming that you got no new links. However this measure is not important for the serps. I think for every query, google computes a new PR eliminating all irrelevant links to that query. It keeps only links related to that keyword and then calculates a new dynamic value that will be used as another factor in the algorithm, a very important one. The toolbar PR is not important for the SERPS. It just gives you like an average on how well you will do. It also gives an idea on how much a site is crawled by googlebot because it takes into account all the links and the more links you have the more likely you will get crawled. The shown PR is good for selling links and is being now more for regular users as a measure of the popularity of a site. - If you perform a query, Google computes your dynamic PR based on your links eliminating the irrelevant ones. This means that for a certain query you can have a higer PR than dmoz. And this explains why dmoz is not all over the serps. It has an average PR9 but for a specific query, say "mobile phones", it is closer to 0 since you dont find a link to dmoz with the anchor text mobile phones". Google is even more powerful to compute the PR dynamically. They are able determine the relevancy of a link not only from the anchor text but also from the cached page linking to you. Off topic: I noticed lately that google penalizes a lot for a high keyword density. Keep it really low (2-3%). any comments ?